October market update.
So I thought I would start by giving a general market update on Hullbridge, naturally because of the size and location of the village it has it own little ‘micro-market’ and unfortunately cannot be compared to Rayleigh or Hockley, which both tend to have slightly higher asking prices.
But when we look at Hullbridge alone, the village is desirable, and before people start moaning about the traffic, the carnage caused by the roadworks. we are all aware of that, we all know what’s happening but let’s not let that overshadow what Hullbridge was before these problems we caused, and the way Hullbridge will continue to be even after these properties are built.
So, what has the market been doing?
Well in the past 12 months according to Zoopla there have been 69 transactions complete. Now by completion this means 69 sales which has successfully completed, gone through and money has changed hands. This doesn’t include those who have sold, then the sale has fallen apart. (just to be clear).
The average value according to the Zoopla Zed Index of a property in Hullbridge currently sits at £363,650. However, the average price paid is slightly lower at £356,500.
This could be for various reasons, I feel mainly due to people accepting slightly lower offers then what properties are worth, this could be due to the agent no negotiating correctly, or maybe the property didn’t get the right level of interest, but either way, the average price paid in the past 12 month was £356,500.
This gives a value change today, when compared to 12 months ago is a rise of 2.16%. which is great considering the political situation we current find ourselves in with the big scary B word which seems to cause more arguments then marmite (just to be clear, if you don’t like marmite, you haven’t got taste buds).
The thing I find interesting however, the road with the highest average paid price is Lower Road, that is even with this development going on, which shows even with the negativity, the market in Hullbridge is holding strong.
When we break these numbers down a bit more, in the past 12 months the following types have sold
29 Detached properties, with an average paid price of £431,150.
These prices have increased 3.62%
32 Semi detached properties with an average paid price of £309,950.
These prices have included 0.16%
3 terraced properties with an average paid price of £291,000
these prices have increased by 2.77%
4 flats with an average price price of £242,250.
These prices have risen by an average of 2.3%
So by these numbers detached properties have seen the biggest increase, followed by flats.
The reason for the detached properties may be, when we look at neighbouring Rayleigh and Hockley prices, the average price for a detached property in Rayleigh £493,050 and Hockley £497,800 so Detached properties in Hullbridge are significantly cheaper then both Hockley and Rayleigh. So this means Hullbridge is becoming more attractive for those who maybe cannot afford the neighbouring towns.
Interestingly prices for detached properties in Rayleigh have dropped slightly, so the demand for Rayleigh is less then Hullbridge, which is great for Hullbridge, but I think this could be caused by people looking at Hullbridge finding and buying in Hullbridge.
If we rewind a little and look at completions. In the past 12 months there have been 69 transactions that have completed. In the past 3-6 months there have only been 17, and in the past 3 months there have only been 5. So, this shows the amount of properties completing has declined as the year is going on.
When we look at Rightmove, there are currently 55 properties for sale in Hullbridge, some of these will be using the awful tactic of multi-agency, but that’s for another day. So, lets discount 10% for multi agencies that is still 50 properties for sale.
There are 41 properties listed as sold.
So currently there are more properties available, then sold. Which shows that in Hullbridge it is currently a buyer market.
This could be for numerous reasons, either asking prices are took high. Or the properties are not being marketed correctly. (again, a post for another day).
But over, to summarise.
Completions are down, agreed sales are down, Prices are up, Hullbridge is cheaper then neighbouring towns and currently experiencing a buyers’ market. BUT it is still strong, things are still selling and over 40% of the properties being marketed are being listed as sold.
So even with the negativity of the new development, and the hell of a journey we have all been experiencing, it still is a desirable village. So, for those thinking of selling, get on with it, those already selling. you’re in a buyers’ market, so you need to market smart. Message me through the contact us page if you want some helpful tips and advice to help you sell, get in touch!
Thanks for reading!